Los Angeles Capital Management LLC Reduces Stock Position in Ameris Bancorp (NASDAQ:ABCB)

Posted by on May 2nd, 2023

Los Angeles Capital Management LLC lessened its stake in shares of Ameris Bancorp (NASDAQ:ABCB – Get Rating) by 5.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,120 shares of the bank’s stock after selling 1,800 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Ameris Bancorp were worth $1,561,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ABCB. State Street Corp boosted its holdings in shares of Ameris Bancorp by 14.3% in the first quarter. State Street Corp now owns 3,897,720 shares of the bank’s stock worth $171,622,000 after buying an additional 488,485 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Ameris Bancorp by 7.4% in the first quarter. Wellington Management Group LLP now owns 5,201,328 shares of the bank’s stock worth $228,235,000 after buying an additional 358,777 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ameris Bancorp by 7.1% in the third quarter. Dimensional Fund Advisors LP now owns 3,630,195 shares of the bank’s stock worth $162,307,000 after buying an additional 240,506 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ameris Bancorp by 2.2% in the third quarter. Vanguard Group Inc. now owns 7,346,699 shares of the bank’s stock worth $328,470,000 after buying an additional 158,489 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Ameris Bancorp by 1.6% in the third quarter. BlackRock Inc. now owns 10,150,631 shares of the bank’s stock worth $453,836,000 after buying an additional 158,483 shares during the last quarter. Hedge funds and other institutional investors own 86.74% of the company’s stock.

Insider Activity at Ameris Bancorp

In other news, Director William I. Jr. Bowen bought 670 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average price of $41.20 per share, for a total transaction of $27,604.00. Following the completion of the transaction, the director now directly owns 22,872 shares in the company, valued at $942,326.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ABCB shares. DA Davidson reissued a “neutral” rating on shares of Ameris Bancorp in a report on Friday, March 3rd. Piper Sandler decreased their target price on shares of Ameris Bancorp from $51.00 to $46.00 in a research note on Monday. StockNews.com cut shares of Ameris Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, March 31st. Keefe, Bruyette & Woods decreased their target price on shares of Ameris Bancorp to $54.00 in a research note on Thursday, April 6th. Finally, Truist Financial decreased their target price on shares of Ameris Bancorp from $43.00 to $38.00 in a research note on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.40.

Ameris Bancorp Stock Performance

Shares of Ameris Bancorp stock opened at $32.71 on Tuesday. The company has a market capitalization of $2.27 billion, a PE ratio of 6.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.07 and a current ratio of 1.09. The company has a 50-day simple moving average of $38.31 and a two-hundred day simple moving average of $45.55. Ameris Bancorp has a one year low of $31.89 and a one year high of $54.24.

Ameris Bancorp (NASDAQ:ABCB – Get Rating) last posted its quarterly earnings data on Friday, April 28th. The bank reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.34). Ameris Bancorp had a net margin of 25.82% and a return on equity of 10.04%. The company had revenue of $267.70 million for the quarter, compared to analyst estimates of $264.36 million. During the same quarter last year, the company earned $1.08 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. Research analysts expect that Ameris Bancorp will post 4.75 EPS for the current fiscal year.

Ameris Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 10th. Investors of record on Friday, March 31st were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $0.60 dividend on an annualized basis and a yield of 1.83%. Ameris Bancorp’s dividend payout ratio is currently 12.79%.

Ameris Bancorp Company Profile

(Get Rating)

Ameris Bancorp is a bank holding company, which through the subsidiary, Ameris Bank, engages in the provision of banking services to its retail and commercial customers. It operates through the following business segments: Banking, Retail Mortgage, Warehouse Lending, the SBA and Premium Finance. The Banking segment offers full service financial services to include commercial loans, consumer loans and deposit accounts.

Read More

Want to see what other hedge funds are holding ABCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ameris Bancorp (NASDAQ:ABCB – Get Rating).

Institutional Ownership by Quarter for Ameris Bancorp (NASDAQ:ABCB)

Receive News & Ratings for Ameris Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ameris Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.